Posts with tag: property risk assessment

A new property risk evaluation portal has been created by EDM Mortgage Support Services, as part of their ongoing wish to develop a lone digital platform for the mortgage industry.

Control

The portal, named EDM Prism, gives lenders more control over the risk evaluation process. All property risk elements can be completed online using the portal’s secure service and includes lenders, valuers and conveyancers. All parties are able to access shared data relating to the property, which can include manual valuation records and title documentation.

EDM Prism promises to raise efficiency of the risk evaluation process by allowing consumers real-time access to relevant information on the property. This will make it easier to obtain information and subsequently act on material that is stored in the same place. Additionally, this improves security by restricting access to unauthorized people, alongside giving a clear audit trail of previous activity.

Crucial

Joe Pepper, managing director of EDM Mortgage Support Services, commented that, ‘risk analysis is a crucial part of any lenders’ business. However, most of them have yet to take advantage of the latest technology and instead rely on a combination of in-house and third party-processes that are clunky, disjointed and lacking in transparency, making them difficult to manage and audit.’[1]

He described Prism as, ‘an exciting new way to give lenders control of the process. Nothing else like this exists in the market. Using Prism can cut the time taken to process risk evaluation by half and gives lenders a competitive advantage, improving the customer experience and cutting costs. It speeds up the whole property risk element of the mortgage process, conducting it in a more secure way with an audit trail that relevant parties can see.’[1]

 

[1] http://www.mortgagefinancegazette.com/technology/edm-launches-property-risk-evaluation-portal/